Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to buy Asia Square Tower in Singapore’s Marina Bay business and financial district.

Being sold by global investment management firm BlackRock, the 43-storey tower has nearly 40,000 sqft (3716 sqm) of retail space as well as more than 1.2 million square feet of office space.

According to data compiled by real estate consultancy JLL, which advised on the transaction, the sale represents the largest single-tower real-estate transaction in Asia Pacific to date, and the second-largest single-tower real estate transaction globally.

Current tenants of the tower include financial services companies Citibank and Julius Baer, as well as insurance firm Marsh & McLennan.

“Singapore continues to be an attractive destination for international investors, thanks to its stable political outlook, superior infrastructure and strong economic fundamentals,” says JLL Singapore head of capital markets Greg Hyland. “Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock.”

JLL has been the sole leasing agent and property manager of Asia Square since it opened in 2011.